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Employee Benefit Plans
9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Defined Benefit Plans
The Company recognizes net periodic benefit cost based on the actuarial analysis performed at the previous year end, adjusted if certain significant events occur during the year.
The components of net periodic benefit cost follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)
2020201920202019
Service cost$0.7 $0.7 $2.2 $2.1 
Interest cost1.1 1.6 3.4 4.6 
Expected return on plan assets(2.4)(2.4)(7.3)(7.2)
Amortization of unrecognized loss(1)
1.3 0.8 4.0 2.5 
Net periodic benefit cost$0.7 $0.7 $2.3 $2.0 
(1)Includes amortization of unrecognized actuarial loss and prior service credits and excludes provision for income tax of $(0.4) million and $(1.0) million for the three and nine months ended September 30, 2020, respectively, and $(0.2) million and $(0.6) million for the three and nine months ended September 30, 2019, respectively.
The components of net periodic benefit cost, other than the service cost component, are included in other non-operating income, net.
Defined Contribution Plans
The Company has established a Rabbi Trust to provide for a degree of financial security to cover its obligations with its deferred compensation plan. Contributions to the Rabbi Trust by the Company are made at the discretion of management and generally are made in cash and invested in money-market funds. The Company consolidates the Rabbi Trust and therefore includes the investments in its Condensed Consolidated Balance Sheets. As of September 30, 2020 and December 31, 2019, the Company had $6.6 million and $6.1 million of cash, respectively, and $6.3 million and $5.5 million of short-term investments, respectively. The short-term investments are measured at fair value using quoted market prices in active markets (i.e., Level 1 measurements) with changes in fair value recorded in net income and the associated cash flows presented as operating cash flows.